Asset Value Investors' substantial share sales resulted in Yagi Tsusho becoming 三陽商会's largest shareholder again. Sapphire Terra Capital also made substantial sales, changing the composition of the company's major shareholders.
Asset Value Investors had overtaken Yagi Tsusho to become the largest shareholder in February this year, but sold a substantial number of shares from 26 August through month-end, and Yagi Tsusho became the largest shareholder again. The total shareholder voting-rights ratio changed from 13.35% before the change to 8.98% afterward, below Yagi Tsusho's 12.88%.
Sapphire Terra Capital also sold a substantial number of its 三陽商会 shares and ceased to be a major shareholder. This reduced the influence of the fund, which had been exerting pressure for improved capital efficiency.
A 3-for-1 split of common shares, effective 1 September, was applied to the number of shares held. Ownership ratios are therefore presented on a post-split basis.
三陽商会's share price has continued to decline, with the closing price on 8 September at ¥1,333, down 5.6% from the previous day. The reduction in activist investors' holdings is viewed as one factor behind the share price decline.